AUD/USD Price Analysis: The bulls are up against a firmer US dollar in Tokyo

AUD/USD bulls facing pressure as the US dollar firms.
The Tokyo flows are moving into a cheaper US dollar.

Ross J Burland FXStreet

As per the pre-open analysis at the start of this week, AUD/USD Price Analysis: Bulls move into a critical area on H4 charts, eye a run to the 0.7250/60s the bulls have been trying to stay with the course as illustrated, but Tokyo flows are buying the greenback:

DXY H1 chart

AUD/USD pre-open and NY analysis

It was explained that the price had been respecting the support structures ''in its pursuit of the price imbalance between recent highs and the May 4 highs at 0.7266. The price would be expected to mitigate this area of imbalance with relative ease.''

New York trade:

AUD/USD live market

Progress was being made from support but flows in Tokyo are bucking the trend.

From a lower time frame perspective, the hourly chart, the support is coming under pressure at the time of writing:

If the support fails to hold, the upside bias, for the near term will be jeopardised.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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